The general insurance data for the month of March 2021 was released and all thanks to the weak base effect, there were strong numbers in the said month.

As far as the general insurance industry is concerned, including standalone health insurance, the industry has grown at about 23.5 percent year-on-year (YoY) basis but if one has to exclude the base effect then also it’s impressive growth.

Meanwhile, Santanu Chakrabarti, head-BFSI research and senior vice president at Edelweiss Financial Services, said, “The number overall for the sector looks good and even for ICICI Lombard given that there is a certain seasonality to the business and that seasonality manifest itself given the various mix that’s there across the players, it’s not a number that investors would be disappointed.”

“ICICI Lombard has remained our top pick within BFSI from a long-term perspective. We like the business structurally and therefore, we tend to look through small cyclical ups and downs, and given its relative underperformance in the last quarter or so, the entry valuations are also favourable. Our target price there is Rs 1,750,” he said.

For entire interview, watch the video

(Edited by : Bivekananda Biswas)